by government through fiscal policy was the real blow-up risk. so if you think of a couple places in the world that we were the most afraid of like europe, i think the actions of the ecb to at least defer the problems with the sovereigns and the bank issues in europe, if they use this time to fix the problems, we'll look back and think it's a good thing. if they deferred them, made them worse in the long term, we won't feel that way. i think something similar has happened in the united states whereby a lot of liquidity has been provided by the central bank. >> andrew, you have operations throughout all of the world. what's your sense of growth? there are troubling reports about growth slowing down which so far have been a very powerful lifeline for global growth as united states and europe weakened, particularly china where you do a lot of business. >> i don't think we're going have an '08/'09 scenario out there for the reasons lloyd was addressed. i do think the world since '08/'09 to now has not gotten to normal. of course, the obvious, which is consumption in the u.s., is not where it was.